8001 HAPPY VALLEY ROAD, Summerland Rural

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Presenting the award-winning Heaven’s Gate Winery.

•  5177 sqft , 3 bath , 3 bdrm 2 storey – FOR SALE  CAD3,995,000 . Home to handcrafted, small-batch wines. MLS® 184670

In the Heart of Summerland lies a place so peaceful and alluring that it can only be described as Heaven on Earth. Once a thriving peach orchard, it is now home to handcrafted, small-batch wines made from 100% BC VQA grapes. The volcanic soils of Giant’s Head Mountain, hot summer days & the lake breeze consistently rolling through the vineyard help to create a distinct experience trapped in every bottle just waiting to be released. Presenting the award-winning Heaven’s Gate Winery, a stunning 10-acre, panoramic lake view property on popular Summerland Bottleneck Wine Route. Includes quality log constructed principal residence, detached log carriage home, BBQ gazebo perfect for events/entertaining & a welcoming tasting & sales building with public patio area. In addition, there is a fully licensed winery/manufacturing building; the upper level, a workshop /garage that holds all your toys & equipment & at the lower level you will find the infamous wine making room.Dup List 184672 SF. Listed By: ROYAL LEPAGE LOCATIONS WEST

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106-253 NORTON STREET, Penticton Main North

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Refined Kitchens with upmarket Whirlpool stainless-steel appliance

•  1680 sqft , 3 bath , 3 bdrm townhouse – FOR SALE  CAD489,000 . MODERN & UNIQUE DESIGN “UPLANDS RIDGE  MLS® 184412

Contingent MODERN & UNIQUE DESIGN “UPLANDS RIDGE”. Stylish Bathrooms, Refined Kitchens with upmarket Whirlpool stainless-steel appliance package including washer/dryer, 9′ ceilings, double-pain windows matched with blackout roller shade blinds, Moen chrome faucets, solid quartz kitchen counter-tops, and let’s not forget free smart home technology package. This interior 1,680 sq. ft. townhome comprises 3bedrooms/3bathrooms, Great Room concept on main floor, very spacious Rec Room in the walk-out basement. Enjoy your own fenced in yards for kids/pets. Uplands Ridge is only steps away from retail along Main Street, cafes, restaurants, boutiques, Okanagan Lake/Marina for beach/boating days or The Kettle Valley Trail for biking, walking/hiking enthusiasts, evening entertainment or other essential professional services that make for a full life. Contact listing agent for complete package.

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105-253 NORTON STREET, Penticton Main North

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Refined Kitchens with upmarket Whirlpool stainless-steel appliance

•  1636 sqft , 3 bath , 3 bdrm townhouse – FOR SALE  CAD499,000 . MODERN & UNIQUE DESIGN “UPLANDS RIDGE” MLS® 184413

Contingent MODERN & UNIQUE DESIGN “UPLANDS RIDGE”. Stylish Bathrooms, Refined Kitchens with upmarket Whirlpool stainless-steel appliance package including washer/dryer, 9′ ceilings, double-pain windows matched with blackout roller shade blinds, Moen chrome faucets, solid quartz kitchen counter-tops, and let’s not forget free smart home technology package. This corner 1,636 sq. ft. townhome comprises 3bedrooms/3bathrooms, Great Room concept on main floor, very spacious Rec Room in the walk-out basement. Enjoy your own fenced in yards for kids/pets. Uplands Ridge is only steps away from retail along Main Street, cafes, restaurants, boutiques, Okanagan Lake/Marina for beach/boating or The Kettle Valley Trail for biking, walking/hiking enthusiasts, evening entertainment or other essential professional services that make for a full life. Contact listing agent for complete package.

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118 SUNDIAL ROAD in Rural, Oliver

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Rural beauty highlights this Vaseux Lake four-plex

•  2700 sqft , 1 bath , 1 bdrm fourplex – FOR SALE  CAD1,175,000 . Four Townhomes on Vaseux Lake  – MLS® 184629

Beautiful Waterfront – Four Townhomes on Vaseux Lake, in Oliver BC. 2 storey, 1 bedroom & 1 bathroom per unit approx. 750 sq ft per unit. Rural beauty highlights this Vaseux Lake four-plex which sits on approximately 75 feet of lakefront. Located on a quiet, pleasant street, these charming townhomes are surrounded by Vaseux Lakes’s beautiful bird sanctuary. Entertain or simple relax on the comfortable deck. Count on even more ideal features such as tile flooring,vaulted ceilings up, open living area, manicured lawn. Everything you desire is right here for you from solid construction to lots of enticing extras. Each unit is stratified and can be sold separately. Owners want to sell all 4 at once. Move right in and start living the ultimate Okanagan lakefront dream! Air BnB perhaps, principal use include tourist accommodation. Once in a lifetime, a property like this comes available! Get your Okanagan business started here. you tube https://youtu.be/_9XwEVZ4OfE

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First-Time Homebuyer? These Rebates, Credits Can Save You Money

Canadians can save thousands of dollars with government programs.

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A young couple receives the keys to their new apartment in this undated stock photo. Some provinces have programs available specifically intended to help first-time homebuyers enter the housing market.

Purchasing a house in Canada is tricky at the best of times, but getting into the property market for the first time is especially tough. To help with some of the costs of buying your initial home, there exists a range of programs for eligible first-time homebuyers. It’s a good idea to learn about these programs to avoid leaving money on the table.

These are the five biggest first-time homebuyer programs in Canada. Some aren’t available in every province, so we’ve noted where that’s the case.

1. Land transfer tax rebates

One of the largest closing costs when purchasing a home is the land transfer tax, which is charged in every province except Alberta and Saskatchewan. The City of Toronto also charges a land transfer tax on top of the Ontario tax. Land transfer tax rates are generally between 0.5 and 3.0 per cent of the home purchase price.

To help manage the cost of land transfer tax, Ontario, British Columbia, Prince Edward Island, and the City of Toronto offer rebates for first-time homebuyers. These programs reimburse some, or all, of your land transfer taxes. Each location has a maximum rebate, listed below:

  • City of Toronto: $4,475
  • Ontario: $4,000
  • British Columbia: $8,000
  • Prince Edward Island: $2,000

If you’re buying the home with someone who is not a first-time homebuyer, this may prevent you from qualifying for some, or all, of the rebate. Different eligibility rules apply for each location. Some governments require that you’ve lived in the province for a certain amount of time to claim the rebate. Others require that your home’s property value be less than a certain amount. Check your government’s website for exact qualification requirements in your location.

2. The Home Buyers’ Tax Credit

The Home Buyers’ Tax Credit (also referred to as The Home Buyer’s Amount) lets first-time homebuyers claim $5,000 of a property purchase on their tax return. With current tax rates, that results in a $750 rebate.

You’ll need to claim this credit on your tax return in the year you buy the property. You can split the credit between two returns for joint purchases, but the overall claim can’t exceed $5,000.

When you purchase a newly built house, construct a new house, or make substantial renovations to your existing home, you’ll be charged GST or HST. The GST/HST New Housing Rebate reimburses a portion of this.

This rebate isn’t exclusive to first-time homebuyers, but many first-time buyers use it when purchasing a new home. Eligibility and rebate amounts depend on the province your home is located in. You can claim the rebate within two years of buying your new house, or from when construction was completed.

4. The Home Buyers’ Plan

The Home Buyers’ Plan (HBP) is not a credit. Instead, it’s a way for you to increase your down payment with money from a Registered Retirement Savings Plan (RRSP), thus increasing how much mortgage you can afford.

First-time homebuyers can withdraw up to $35,000 from an RRSP, but it’ll need to be repaid (on a non-deductible basis) within 15 years to avoid a penalty. Any amount withdrawn needs to have been in the RRSP for at least 90 days – if not, those contributions may not be tax-deductible.

It’s important to consider the long-term financial implications of this program. While borrowing from your RRSP can increase what you can afford today, you may sacrifice outsized returns that could have come from maintaining your RRSP.

5. The First Time Home Buyer Incentive

This program is also not a rebate. Rather, the First-Time Home Buyer Incentive is a shared-equity mortgage with the Canadian government. With this program, the government takes a 5 to 10 per cent stake in your home, with you retaining exclusive access.

This lets you buy a home with a smaller deposit and lowers your monthly mortgage payments. The government contribution needs to be repaid within 25 years, based on the home’s market price at the time the incentive is paid back. This means that if your home’s value goes up, then the government also benefits from the increase. The same is true should your home’s value decrease. If the home is sold before the contribution is repaid, the government receives its applicable share from the sale.

This program is interesting, but it doesn’t suit everyone. Firstly, not all homebuyers will want a shared-equity mortgage. Secondly, the incentive has some very specific eligibility criteria, which limit the types of buyers the incentive is useful for.

Are you a first-time homebuyer?

To be eligible for most of these programs, you’ll need to be considered a first-time homebuyer. Keep in mind that some programs have additional eligibility factors. Check with your local government or a local mortgage professional to be sure.

Here are some key factors that could affect your eligibility as a first-time homebuyer:

First-time homebuyers: You’re generally considered a first-time homebuyer if you have not previously had any ownership stake in a home at any time. However, for federal government programs, you can qualify as a first-time homebuyer so long as you have not occupied a home that you (or your spouse or common-law partner) own in the year of your new home purchase and the four years prior.

Owner-occupied: The property you’re buying generally needs to be your main residence. Exact rules vary, but you’ll typically need to move in shortly after purchase.

Residential status: You’ll need to be a resident of Canada to apply for most first-time homebuyer programs. Some programs also require you to be a permanent resident or Canadian citizen. Moreover, some programs and provinces require you to have lived in a province for a certain time period.

Co-buying: If you’re a first-time homebuyer but your buying partner isn’t, you may only be able to claim a portion of a program.

People with disabilities: There are special rules and additional rebates for people with disabilities. Many first-time homebuyer programs can be claimed by people with a disability multiple times, subject to certain conditions.

The bottom line

As a first-time homebuyer in the 21st century, you’ll want every bit of help you can get. The programs available in Canada go a long way towards making buying a home easier and more affordable.

If you need more information or advice, it could be worth speaking to a mortgage professional such as a mortgage broker. Along with providing advice, mortgage brokers can often find you better mortgage deals than you would have found yourself.

For more government resources, check out the links below:

Real Estate Industry Criticizes CMHC’s ‘Irresponsible,’ ‘Panic-Inducing’ House Price Forecast

“We are concerned that some damage may already have been done.”

NATHAN DENETTE/THE CANADIAN PRESS
CMHC president Evan Siddall speaks to the Canadian Club of Toronto, Thurs. June 1, 2017. Siddall is taking criticism from real estate industry insiders over a pessimistic forecast for Canadian housing.

MONTREAL ― Members of Canada’s real estate and mortgage lending industries have lashed out at the head of the country’s government-run mortgage insurer for a forecast they say is far too pessimistic.

Evan Siddall, CEO of Canada Mortgage and Housing Corp. (CMHC), told a parliamentary finance committee last week that he expects the Canadian Real Estate Association’s (CREA) house price index to fall between 9 and 18 per cent in the wake of the COVID-19 pandemic.

Despite criticism from industry, the CMHC reiterated its house-price prediction in a report issued this week.

 

That forecast also predicts home sales will be down 19 to 29 per cent after the pandemic, and it sees a massive decline in new housing construction of between 51 and 75 per cent, before starting to recover early next year.

These scenarios have many industry insiders and analysts worried that the CMHC could be panicking the public into a housing crash.

“The worry … is that the very public warning from the crown corporation becomes self-fulfilling,” Stephen Brown, senior Canada economist at Capital Economics, wrote in a client note.

Christopher Alexander, an executive vice-president and regional manager at Re/Max of Ontario Atlantic Canada, put it more harshly.

“Sellers simply won’t accept that kind of discount on their listings. A statement of this nature is panic-inducing and irresponsible,” he said in a statement issued Friday.

Re/Max, which has called for a 2.9-per-cent decrease in house prices nationally this year, noted that other experts aren’t forecasting such large drops, with most forecasts calling for a short-term decline of 5 to 10 per cent.

Siddall strikes back

Siddall took aim at his critics in the industry in a series of tweets coinciding with the release of the CMHC’s forecast.

“They’re whistling past the graveyard and offering no analysis,” the CMHC chief quipped.

Evan Siddall

@ewsiddall

Please question the motivation of anyone who wants you to believe prices will go up (yes, up) with our economy in slow motion, oil being given away, millions of Canadians on income support and a greater % of mortgages not being paid than we’ve seen since the Great Depression.

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Evan Siddall

@ewsiddall

Here’s more on our house price outlook. Some vocal real estate advisors have labelled us “panic-inducing and irresponsible,’ saying essentially that house prices don’t go down. They’re whistling past the graveyard and offering no analysis. Here’s ours. You decide. https://twitter.com/cmhc_ca/status/1265675929562624009 

CMHC

@CMHC_ca

We looked at the recent financial & economic developments in Canada, including the impacts of the #COVID19 pandemic. Check out the national highlights on the #housing market ⬇️ & learn more in the full report: http://ow.ly/aIOG50zRxRT 

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Damage done?

Capital Economics’ Brown forecast earlier this month that the Teranet house price index would fall 5 per cent, but would stay below its peak levels “for years” as he expects there to be drag from lower immigration and higher debt levels.

But the CMHC’s forecast may have changed the situation, Brown argued.

“We are concerned that some damage may already have been done. As the history of boom-and-bust cycles shows, individuals’ expectations play a big role in how house prices develop.

“With the CMHC’s alarming forecasts covered by all the major news outlets this week, some Canadians have probably become far more concerned about prospects for the housing market.”

A consumer confidence survey taken in the week ending May 22 found that confidence in the housing market is the lowest on record.

The Bloomberg-Nanos consumer confidence index for real estate was 9.89, out of a possible 100. Any score below 50 suggests that more people are pessimistic than optimistic about the market.

That came even as Canadians’ confidence in other parts of the economy began to rebound. The overall consumer confidence index rose to 39.32 from around 37 four weeks earlier. However, that is still close to the worst level in records going back to 2008, worse than at any point during the financial crisis a decade ago.

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The Bloomberg/Nanos index of Canadian consumer confidence has been recording its lowest levels ever amid the COVID-19 pandemic.

Siddall also warned that Canada risks falling off a “debt deferral cliff” this fall, when homeowners will have to start making payments again on hundreds of thousands of deferred mortgages.

According to the Canadian Bankers Association, some 716,000 Canadian mortgages, or some 15 per cent of the total, are now in deferral, and 391,000 credit card accounts are in the process of being deferred.

But many in the industry believe the strength of Canada’s housing markets going into the crisis will pull them through the other side.

“Markets are in a better position than people think to absorb that,” CREA chief economist Shaun Cathcart told the Financial Post.

Brown isn’t so sure.

“Rents in the big cities already appear to be falling fast,” he wrote. “With rental yields already very low, that is a big risk to house prices.”

Rents have risen sharply in recent years, so many condo investors will still be able to pay their mortgage if they cut their asking rents, Brown wrote.

“But it is likely to be a problem for investors taking delivery of new condos this year. If rents in Toronto and Vancouver fall by 5 per cent to 10 per cent as we expect, many of these investors will face negative cashflows and may decide to sell their properties.”

Disruption To Canada’s Immigration In Pandemic Will ‘Reverberate’ Through Economy: RBC

COVID-19 has “for all intents and purposes shut down immigration.”

MICROSTOCKHUB VIA GETTY IMAGES
Fence in front of Canadian flag. Illegal immigration concept. Horizontal composition with copy space.

MONTREAL ― Canada will miss its immigration targets by a wide margin this year, and potentially in future years, a disruption that “will reverberate across the economy,” Royal Bank of Canada has warned in a new report

The federal government had set a record-high target of 350,000 new permanent residents for 2020, up from 341,000 last year, also a record high.

But restrictions on travel meant to slow the spread of COVID-19 have “for all intents and purposes shut down immigration,” RBC senior economist Andrew Agopsowicz wrote.

If the current restrictions stay in place through the summer, the country will fall short of its target by 170,000 people, he predicted.

Among the “potential casualties,” Agopsowicz wrote, are industries with labour shortages, the rental and housing markets in urban areas, universities and deficit-laden governments.

“Canada will need a younger and growing population to maintain growth and support the unprecedented expansion of the fiscal deficit that came in response to the crisis,” he wrote.

Without immigration, Canada in recent years would have looked a lot like Japan in the 1990s, the RBC economist argued. That country has struggled with a moribund economy for decades due to a rapidly aging population, running up the developed world’s largest public debt.

A squeeze on the housing market

Agopsowicz noted that the country’s three largest metro areas ― Toronto, Montreal and Vancouver ― would see shrinking populations today were it not for immigrants. That’s because young adults are leaving these cities primarily due to rising housing costs.

“A slowdown in immigrant-related demand for homes could squeeze the rental and housing markets,” Agopsowicz wrote.

That’s what Capital Economics is predicting. It expects Canadian house prices to fall a relatively mild 5 per cent in the crisis, but then stay down “for years” because of reduced immigration.

Trouble on the farm

Canada’s agricultural industry is facing serious pressures due to a lack of temporary foreign workers. Although TFWs were exempted from the travel ban, the number of arrivals was down 35 per cent in March, and down 45 per cent for agricultural workers, the RBC report stated.

One reason for the drop could be that arriving workers have to self-quarantine for 14 days, which might make it less lucrative to come to Canada, Agopsowicz suggested ― even more so if those workers have to self-quarantine again when they get home.

“The agriculture industry already struggles with labour shortages — so additional frictions on this front (are) definitely worrisome,” he said in an email to HuffPost Canada.

The federal government will need to think carefully over the next little bit how to adapt our immigration system to again start allowing immigrants to flow into Canada.Andrew Agopsowicz, senior economist, RBC

Universities could also suffer, as they’ve grown increasingly dependent on the high tuitions paid by international students.

The number of people entering the country on student visas dropped by 45 per cent in March, the RBC report noted.

But the wild card is how many students return for the fall semester ― especially given many schools are moving to online classes.

If just one-fifth of foreign students don’t show up, the University of Toronto alone will face a $200-million hole in its $3-billion budget, Agopsowicz wrote.

Rising debt

Then there is the question of paying off the massive debt governments and others are taking on in the pandemic. Canada has historically relied on population growth to make its public debt easier to pay over time. But with slower population growth, the country could be headed towards a “fiscal cliff,” Agopsowicz warned.

In a report at the end of April, the Parliamentary Budget Office said the federal government was on track for a $252-billion deficit in this fiscal year, equivalent to 12.7 per cent of the country’s annual economic output. That is by far the largest in comparable records going back to 1966.

The federal Liberals recently announced slightly lower immigration targets, with the 2020 target set to the same level as last year, at 341,000. But the government has not offered a timeline for when restrictions on international travel will be lifted, and any recovery “will depend in part on the course of the pandemic,” Agopsowicz wrote.

“The travel restrictions are a necessary response to this crisis, but we need to keep in mind that long-lasting restrictions to immigration will hurt the Canadian economy in the long run,” he said.

“The federal government will need to think carefully over the next little bit how to adapt our immigration system to again start allowing immigrants to flow into Canada.”

He expects Canada will have to take a “phased approach” to reopening immigration, starting with migrants needed in key areas of the economy that have labour shortages.

“A large influx of immigrants while the labour market is trying to absorb the loss of so many jobs may not be the most prudent.”

The New Normal: Why You Should Be Live Streaming Your Next Open House

The New Normal: Why You Should Be Live Streaming Your Next Open House

With the COVID-19 outbreak, many  industries were turned upsidedown. Meanwhile, as regulations are developed and implemented to help curb the sickness, businesses have also been forced to rethink how they conduct their daily activities.

This includes the entire field of real estate, and one of its key elements: the Open House.

Thankfully, technology comes to our rescue, and the answer comes in the form of Live Streaming Open Houses.

For those not yet familiar with how it works, here’s how it goes:

  • The agent sets up a time and date that they will be at the showcased property. They will also provide a link for people who wish to view the property.
  • On the scheduled date, the agent will be present at the property… by themselves (or possibly with one assistant). Using their video phone and the internet, they will then begin a live broadcast of themselves doing a tour of the property as one would at a regular open house.
  • On the same date, interested buyers will click on the link that was provided beforehand, in order to view the agent’s live broadcast.
  • During the broadcast, all the viewers can interact with the agent/s as they go through the property. They can ask or direct the agent to show them certain parts of the property, ask specific questions, focus on certain structural details, etc.

If you’re a technophobe, don’t worry. The process may sound complicated and technical, but trust us, it’s actually a lot simpler and more straightforward than it seems.

In fact, if you’ve ever taken a video recording using your phone, and/or you’ve ever had Skype or Zoom call, then congratulations! You’re already halfway there!

Now that you know what it is, here are just some of the key benefits of adopting this new way of conducting an open house during these extraordinary times.

What Are The Benefits Of Live Streaming My Open House?

There are many benefits to live streaming your open house, many of which are still valuable even without the current pandemic.

• Since there won’t be any commute involved, more people will be willing — and able — to take a peek at what you’re selling. Let’s face it, there are just simply days when the prospect of having to get dressed, spend money on commute or gas, and show up somewhere, is completely unappetizing. However, with a live streamed open house, clients won’t have to worry about any of that, as they can now participate from the comfort of their own homes.

No need to worry about gas! Or getting lost on the way to the open house! Or finding some place to park! Or bad weather! All they’ll really need to do is get on their device, grab a drink, and tune in to your live stream.

• Being able to host an almost unlimited number of prospects at each open house. Instead of just having ten or thirty people attend your open house, can you imagine having dozens, hundreds, or even THOUSANDS of people checking out your property tour? This is entirely possible with live streaming!

The only thing that will limit you at this point, will most likely be how much time you’re willing to spend live streaming, and/or your ability to handle comments from everyone all at once (which is why we recommend getting an assistant).

• Sellers will thank you for it. Being able to host thousands of prospects at a time is great. But what’s even better is that you can do this without worrying that the healthy foot traffic will damage the beautiful floors you’re trying to show off.

• Even buyers overseas can join in! Since having to be physically at the address is no longer a requirement for them, prospects from other countries can also join your open house. This creates opportunities for you to market to international buyers, as well as citizens who are currently out of the country.

• Live streaming is super cost-effective. In fact, it’s FREE on a lot of platforms, including the big social media sites, Facebook, Instagram, and many others.

• It’s savvy. Besides being able to help keep everyone safe from infection, hosting live stream open houses also shows that you’re adapting to the current world situation. As a bonus, this modern approach is also attractive to the millennial generation of home buyers.

These are just a few of the many benefits of conducting open houses over live streaming. In fact, to help out our clients, we’ve recently rolled out a function that makes it easier for agents to announce their upcoming live streams! You can check it out by clicking here.

Apartment For Sale in Main North, Penticton

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Natural lighting in this home is splendid owing to 9 ft ceilings

•  1194 sqft , 2 bath , 2 bdrm apartment – FOR SALE  CAD299,900 . 1194 sq ft the rooms are spacious MLS® 183768

Top floor north facing unit with great mountain views at the Scottsdale offers a central location. At 1194 sq ft the rooms are spacious & professionally freshly painted. Lovely gas fireplace and cozy in floor radiant heat which is included in the strata fee. The natural lighting in this home is splendid owing to 9 ft ceilings & vaulted ceiling in the kitchen eating areas. There is also a separate formal dining area. A generous master bedroom with walk-in closet and en-suite bathroom. Second BD is at the opposite side of the suite which adds to the privacy as well as another full bathroom. Laundry room w front loading washer/dryer. All appliances & window coverings included. Large north facing patio is cool enough in the evenings that you can fire up your gas barbecue with the hook up provided. Storage locker is just down the hall. Guest suite available for your out of town visitors. One underground secured parking included. 55+ with no Rentals & small pet allowed upon approval.

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